{
\def\sym#1{\ifmmode^{#1}\else\(^{#1}\)\fi}
\begin{tabular}{l*{8}{c}}
\toprule
                &\multicolumn{1}{c}{\shortstack{Wealth\\recovery\\duration}}&\multicolumn{1}{c}{\shortstack{Household\\ financial \\ prospects}}&\multicolumn{1}{c}{\shortstack{Plan incr. \\ stock \\ share}}&\multicolumn{1}{c}{\shortstack{Plan decr. \\ stock \\ share}}&\multicolumn{1}{c}{\shortstack{Exp.\\spend.\\growth}}&\multicolumn{1}{c}{\shortstack{Incr.\\ exp.\\ debt}}&\multicolumn{1}{c}{\shortstack{Incr. exp. \\ desired \\ hours}}&\multicolumn{1}{c}{\shortstack{Incr. exp.\\ retirement \\ age}}\\\cmidrule(lr){2-2}\cmidrule(lr){3-3}\cmidrule(lr){4-4}\cmidrule(lr){5-5}\cmidrule(lr){6-6}\cmidrule(lr){7-7}\cmidrule(lr){8-8}\cmidrule(lr){9-9}
                &\multicolumn{1}{c}{(1)}&\multicolumn{1}{c}{(2)}&\multicolumn{1}{c}{(3)}&\multicolumn{1}{c}{(4)}&\multicolumn{1}{c}{(5)}&\multicolumn{1}{c}{(6)}&\multicolumn{1}{c}{(7)}&\multicolumn{1}{c}{(8)}\\
\midrule
{\bf Panel A: All control groups (OLS)}&         &         &         &         &         &         &         &         \\
Expected stock recovery duration (years)&0.223\sym{***}&-0.070\sym{***}&-0.584\sym{**}&0.530\sym{*}&-0.250\sym{*}&1.063\sym{***}&1.303\sym{***}&1.727\sym{***}\\
                &  (0.017)&  (0.006)&  (0.282)&  (0.280)&  (0.138)&  (0.258)&  (0.356)&  (0.362)\\
Observations    &     3903&     4260&     2599&     2599&     4097&     4260&     2682&     2682\\
                &         &         &         &         &         &         &         &         \\
{\bf Panel B: All control groups\&$\text{Stocks}$ (OLS)}&         &         &         &         &         &         &         &         \\
Expected stock recovery duration (years)&0.455\sym{***}&-0.088\sym{***}&-0.584\sym{**}&0.530\sym{*}&-0.546\sym{***}&    0.517&2.050\sym{***}&2.065\sym{***}\\
                &  (0.029)&  (0.009)&  (0.282)&  (0.280)&  (0.178)&  (0.342)&  (0.453)&  (0.464)\\
Observations    &     2297&     2599&     2599&     2599&     2515&     2599&     1915&     1915\\
                &         &         &         &         &         &         &         &         \\
\hline {\bf Panel C: Fin. Cris. Und.\&$\text{Stocks}$ (OLS)}&         &         &         &         &         &         &         &         \\
Expected stock recovery duration (years)&0.407\sym{***}&-0.113\sym{***}&   -0.300&    0.517&-0.693\sym{*}&2.102\sym{***}&3.079\sym{***}&4.184\sym{***}\\
                &  (0.043)&  (0.017)&  (0.556)&  (0.625)&  (0.372)&  (0.714)&  (0.894)&  (0.789)\\
{\bf Panel D: Fin. Cris. Und.\&$\text{Stocks}$ (2SLS)}&         &         &         &         &         &         &         &         \\
Expected stock recovery duration (years)&0.487\sym{***}&-0.091\sym{**}&    1.844&    2.096&   -0.844&    2.063&5.770\sym{**}&5.704\sym{**}\\
                &  (0.072)&  (0.042)&  (1.491)&  (1.413)&  (0.852)&  (1.936)&  (2.321)&  (2.377)\\
                &         &         &         &         &         &         &         &         \\
First-stage F-stat&  130.984&  125.897&  131.394&  131.394&  129.047&  125.897&  108.424&  108.424\\
Observations    &      781&      879&      879&      879&      854&      879&      675&      675\\
                &         &         &         &         &         &         &         &         \\
\hline {\bf Panel E: Dot-com Und.\&$\text{Stocks}$ (OLS)}&         &         &         &         &         &         &         &         \\
Expected stock recovery duration (years)&0.429\sym{***}&-0.073\sym{***}&   -0.190&    0.337&   -0.402&    0.426&    0.870&    0.958\\
                &  (0.046)&  (0.014)&  (0.537)&  (0.477)&  (0.309)&  (0.552)&  (0.707)&  (0.715)\\
{\bf Panel F: Dot-com Und.\&$\text{Stocks}$ (2SLS)}&         &         &         &         &         &         &         &         \\
Expected stock recovery duration (years)&0.519\sym{***}&    0.025&    0.553&   -1.428&    0.371&    0.081&   -0.639&   -1.924\\
                &  (0.073)&  (0.033)&  (1.215)&  (1.075)&  (0.639)&  (1.362)&  (1.779)&  (1.867)\\
                &         &         &         &         &         &         &         &         \\
First-stage F-stat&  119.547&  148.127&  150.857&  150.857&  150.266&  148.127&  112.237&  112.237\\
Observations    &      740&      839&      839&      839&      823&      839&      625&      625\\
                &         &         &         &         &         &         &         &         \\
\hline {\bf Panel G: Black Mon. Over.\&$\text{Stocks}$ (OLS)}&         &         &         &         &         &         &         &         \\
Expected stock recovery duration (years)&0.531\sym{***}&-0.081\sym{***}&-1.680\sym{***}&1.192\sym{***}&-1.196\sym{***}&    0.635&    1.124&    0.837\\
                &  (0.040)&  (0.012)&  (0.415)&  (0.409)&  (0.266)&  (0.534)&  (0.727)&  (0.718)\\
{\bf Panel H: Black Mon. Over.\&$\text{Stocks}$ (2SLS)}&         &         &         &         &         &         &         &         \\
Expected stock recovery duration (years)&0.341\sym{***}&   -0.087&-4.298\sym{**}&3.773\sym{**}&   -1.118&4.532\sym{*}&    1.220&    3.828\\
                &  (0.102)&  (0.054)&  (2.058)&  (1.820)&  (1.136)&  (2.453)&  (3.600)&  (3.716)\\
                &         &         &         &         &         &         &         &         \\
First-stage F-stat&   48.703&   50.007&   48.322&   48.322&   54.393&   50.007&   27.102&   27.102\\
Observations    &      903&     1033&     1033&     1033&      993&     1033&      756&      756\\
                &         &         &         &         &         &         &         &         \\
\hline Individual controls&      Yes&      Yes&      Yes&      Yes&      Yes&      Yes&      Yes&      Yes\\
\bottomrule
\end{tabular}
}
